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Archive for June 17th, 2008

‘Mafia’ law behind biggest insider trading case ever

Posted by African Press International on June 17, 2008

Police in Stavanger unveiled Norway’s largest case of alleged insider trading ever.

PHOTO: ANDERS MINGE/STAVANGER AFTENBLAD

Close family members are among those charged in what’s shaping up to be Norway’s largest case of alleged insider trading. The family ties have spurred prosecutors to use the country’s so-called “mafia paragraph,” on the grounds the offenses amount to organized crime.

Fred Ingebrigtsen founded Acta in 1990 but has been forced to sell off his remaining holdings and now faces insider trading charges.

PHOTO: MARIE von KROGH/ROGALANDSAVIS

Acta Kapitalforvaltning
Founded by Fred Anton Ingebrigtsen in 1990. Stocklisted in 2001.

The Stavanger-based company’s roughly 400 investment advisers offer savings and investment products including share-, real estate- and shipping funds.

Acta manages around NOK 90 billion for some 83,000 customers, with operations in Norway, Sweden and Denmark.

Revenues last year amounted to NOK 2.3 billion, with pre-tax profits of NOK 1.1 billion. First-quarter profits this year, however, were down by around half compared to the same quarter in 2007.

Use of the “mafia” law can also result in much longer jail terms for the defendants, reports Norwegian Broadcasting (NRK), up to 11 years if prosecutors win their case against them.

The founder of investment group Acta, Fred Ingebrigtsen, was arrested and charged along with his sister, brother-in-law and half-brother on Monday. A fourth Norwegian, a Marbella-based real estate broker, is also charged in the case.

Ingebrigtsen, age 43, is charged with misusing inside information about Acta by sharing it with the other defendants. All of them allegedly enriched themselves by using the information to make timely and fortunate share transactions.

The alleged insider trading involved Acta shares worth around NOK 100 million, making it Norway’s largest insider trading case to date.

Police and financial authorities in Norway reportedly have been investigating the case since February, when the country’s securities regulation agency (Kredittilsynet) reported its own suspicions to police.

Olav Braaten, defense attorney for Ingebrigtsen, nonetheless said his client was “shocked” by the charges against him, and by police raids at Acta offices and the homes of those charged. “He (Ingebrigtsen) says he hasn’t given insider information to anyone,” Braaten told newspaper Aftenposten, adding that several of the share transactions involved are more than three years old.

The raids and charges sent Acta’s stock into a steep dive, on top of heavy losses last week and a 57 drop in share value since New Year. The company already had suffered bad publicity and a rebuke from Norway’s finance minister after Aftenposten reported how Acta had engaged in aggressive marketing aimed at potentially vulnerable retirees.

Ingebrigtsen himself has been pressured by his creditors to sell all his own Acta shares. A report to the Oslo Stock Exchange Tuesday morning said that Ingebrigtsen had sold off the rest of his shares for NOK 8.50. That’s down from nearly NOK 40 per share in February of last year.

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API#Source.aftenposteneng

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3 Norwegian young women on drug charges in Bolivia symphathically treated! Why?

Posted by African Press International on June 17, 2008

When Norwegian authorities arrest people from other countries on drug charges, those arrested are treated harshly and are not offered jobs but locked up until their cases come up for hearing.

Now the Norwegian media has come out with news that the Norwegian mission station in Bolivia would like to employ one of the girls accused on drug trafficking so that she may use the employment as an excuse to get bail and out of prison while awaiting trial.

Can this be considered illegal and interference by the Norwegian mission?

When people are arrested on drug trafficking, we understand that they are not guilty until proven so. But when a mission station comes in and offers a job in order to get an accused person out of jail, that amounts to sabotaging the Bolivian justice system.

By Vhief Editor Korir, African Press International – api

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Posted by African Press International on June 17, 2008

A Tanzanian band based in Germany known as Ngoma Africa has released a new CD single titled Apache Wacha Pombe (Apache, stop abusing alcohol) which has become a big hit in Europe, APA has learnt

According to band leader Ebrahim Makunja, the danceable tune composed by Bwana Kichwa Ngumu is about a poor man called \”Apache\” who spends all his meagre income on alcohol instead of taking care of his family.

He said that the song advises people like Apache to invest in the education of their children so that they can build a better future. It reminds them that they have to should put their families first in life, instead of wasting their money entertaining friends with drinks.

He added that on this new hit, Ras Makunja sings a duet with Christian Bakotessa, also known as Chris B.

Apache is already dominating many radio stations in Europe and East Africa, including Tanzania, with their style of music, which is a fusion of Tanzanian \”Bongo Dance\” with East African rumba.

The group has commendably maintained the tradition of singing in the Kiswahili lingua franca, widely spoken the East African region.

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API#source.nation.ke

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Young women APs take charge in war on crime

Posted by African Press International on June 17, 2008

Story by MUCHIRI KARANJA

At dawn on Thursday, May 22, a gang of seven, armed with AK-47 rifles, axes and machetes struck the little dusty shopping The gang went on a housebreaking spree, until someone called the local Administration Police post.

And although the post has no vehicle to rush officers to crime spots, their reaction was swift swifter than that of the regular police stationed a stones throw away.

Residents who witnessed the operation by the Administration Police officers, credit the youngest woman in the team 25-year-old Caroline Karwitha with killing the gang leader.

From their beds

Constable Karwitha and her colleagues Maureen Nguku and Mandrine Murugi were roused from their beds on that cold morning. The gang, meanwhile, was on the rampage breaking into shops and houses in a violent orgy.

One of the residents had called the regular police. But they did not bother to respond.

The AP officers ran all the way to the crime scene and laid an ambush outside one of the shops the gangsters had broken into. In the exchange of fire that followed, they shot dead two armed gangsters and wounded three, in an operation that combined speed with ingenuity.

The young APs used a phone belonging to one of the dead gangsters to track down his accomplices.

The phone had rang only minutes after he was shot dead. Suspecting that the caller was one of the escaped gangsters, the officers swiftly came up with a plan.

They got one of the villagers to answer the phone and get as much information on the location of the caller.

They did not know their colleague was dead. They were calling to know where he was, said Ms Karwitha.

The plan worked. Two of the callers were the escaped accomplishes. They did nor realise that they were not talking to their boss, who lay dead with a bullet through his back.

The conversation, carried out in loud whispers, was monitored by the officers.

Dead man

And the information gathered through the dead mans phone was enormous. The one who answered the calls still remembers the hushed conversation in Kiswahili.

From the first caller: Sasa wewe ulienda wapi? Wewe umeguswa? Mimi imenipata mguu. (Where are you? Have you been shot? I have been shot in the leg).

And from the second caller: Mimi nimekimbiaile paper bag tuliweka masimu bado uko nayo? Tunaelekea Kanyekini. (I have escaped… do you still have the paper bag in which we put the mobile phones? We are heading to Kanyekini).

The dead guys phone really helped us, we were able to know the location of his accomplices, and the kind of injuries they had, said the officer.

Less than 24 hours later, police tracked down the second gangster. He died from bullet wounds hours later at Meru general hospital.

The other gang members were arrested at various backstreet hospitals where they had gone to seek treatment for bullet wounds.

Several mobile phones were recovered.

Villagers are all praise for the young women APs. They say the officers have taken charge of security operations in the crime-prone area.

They are doing a good job. We are even planning to slaughter a goat for them, said businessman Kaaria Mbiritia. He runs a beer and soda depot at the trading centre. So far, he says, he has lost Sh130,000 to gangsters in the area.

The arrival of the APs in the area is a godsend, they say.

They responded very fast, said 21-year-old Danson Mwirigia, a shopkeeper. He is still nursing a swollen arm, injured when he blocked an axe aimed at his head.

And even though Ms Karwitha says she is not sure she fired the killer shot, locals say she was the one who actually shot the gang leader.

We heard the first gunshot, by the time they fired the second shot, we were halfway there, says Ms Karwitha.

Our mission was to cease their fire, or to control it. We shot one dead, the rest escaped with bullet wounds, says the young AP.

Administration Police inspector John Waweru is full of praise for his team, especially the women, describing them as young, well trained and dangerous.

They are sharp, well trained and dangerous, said the veteran administration police officer.

At 52, he is the oldest member of the team that is almost overshadowing the regular police in cracking the whip on violent crime in the area.

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API#source.nation.ke

Constable Caroline Karwitha with inspector John Waweru at their station in Igoji, Meru. Photo/JAMES NJUGUNA

centre of Igoji, about 30 minutes drive from Meru Town.

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Kenya arrested the wrong man – API knows the man is not in Kenya

Posted by African Press International on June 17, 2008

API has in recent articles stated clearly that the man is not in Kenya. There has been many doubting Thomasses who wish to place the man in Nairobi, somethng impossible at the moment. It is now not long beforea lawyer in Norway will be appointed to represent the man’s interests. (API)

University don in Kabuga mix-up quizzed by police

A Daily Nation Story by FRED MUKINDA
A University of Nairobi lecturer who had been held on suspicion that he was the Rwanda genocide fugitive Felicien Kabuga, reported back to police on Monday.

However, Mr Charles Nyandwi was allowed to leave and continue with business, after a brief moment with detectives at the Criminal Investigations Department (CID) headquarters.

Unlike over the weekend when detectives had locked him in custody, police said they had no reason to hold him because no fresh information had been received to link the don to criminal activities.

Mr Nyandwi, who resembles Mr Kabuga, had been arrested on Friday evening and held in custody for 24 hours.

Officers attached to the Diplomatic Police Unit had picked him up believing he was Mr Kabuga, who is wanted in connection with the 1994 Rwandan genocide by the International Criminal Tribunal for Rwanda.

Mr Kabuga has been on the run for 14 years, since the 100-day slaughter in which 800,000 of his countrymen, primarily minority Tutsis and politically moderate Hutus, were hunted down and killed by Hutu extremist militias and members of the Rwandan army.

It also emerged that the Tribunal and the Rwandan embassy had all along been aware of Mr Nyandwis whereabouts but had not asked the Kenya Government to hunt him since he had been absolved by the Rwandan genocide probe.

The Nation learnt that the lecturer, who also teaches at the Nazarene University, had his name expunged way back in 1997, from a list of people wanted by the Tribunal.

The list posted on the Tribunals official website, as well as that of International Police (Interpol), currently has 93 names including Mr Kabuga, but Mr Nyandwis doesnt feature anywhere.

Mr Kabuga, a Hutu and close associate of President Juvenal Habyarimana, owned Radio de Mille Collines that called for the mass murder of Tutsis and others.

Upon arrest, the lecturer was taken to the Diplomatic police headquarters in Gigiri and held for several hours and later transferred to Special Crime Prevention Unit headquarters in Milimani.

Presently, detectives are struggling to establish his relation to Kabuga since they sat in the same Cabinet prior to the 1994 genocide in Rwanda.

Related story:

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API.source.nation.ke

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Africa at large: Concerns over Chinese conditions

Posted by African Press International on June 17, 2008

Cape Town (South Africa) – Chinese investment in African countries comes with few strings attached ? which is exactly what concerns civil society organisations.

During the Annual Bank Conference on Development Economics (ABCDE) held last week various members of African civil society organisations expressed concern about the terms of China?s increasing activities on the continent. The World Bank conference, organised with South Africa?s treasury department, ran from June 9 to 11 in Cape Town, South Africa.

??Zambian civil society agrees that international finance is needed for development and it should not matter whether the assistance comes from Europe or China,?? said Stephen Muyakwa, an agricultural economist in Zambia and chairperson of the Zambian Civil Society Trade Network.

??But there are some problems with Chinese loans and development aid. First of all, loans offered by China are not transparent and neither do they come with conditions on how the money should be spent. This could fuel corruption, as African governments are free to use the money as they wish. This could have negative results.??

Muyakwa contended that loans or any form of foreign finance should come with strict conditions. ??You can?t just hand over a blank cheque to the minister of finance and assume everything will be okay. We the people need to know how the money will be spent. And China, or any other donor, needs to hold the recipient authorities accountable for that.??

According to Muyakwa, governments should be watchful when accepting Chinese loans and development aid. ??There might be hidden intentions. These offers of loans and infrastructural development usually seem to come with no strings attached. ??Unfortunately it has happened more than once that China decided to claim a mine or a stake in a forest reserve ? just like that. You can?t just give, make people think that there are no strings attached and then expect something. We rather want a donor country to say that you want to buy the mine, instead of claiming it as if it were part of the loan,?? Muyakwa argued.

Luis Brites Pereira, deputy director of the Centre for Globalisation and Governance at the Nova University of Lisbon in Portugal, told the conference that there could a danger in accepting too many loans from China.
??Chinese loans seem favourable due to low interest rates. Therefore, the chances of accumulating debt are high. Recipient countries need to manage their finances carefully.?? Pereira also confirmed that the large Chinese companies dominating industries such as clothing and textiles are pushing African enterprises out of business.

Another point of concern among African civil society is the influx of Chinese labourers in Africa, a continent where millions of people are unemployed. ??Not too long ago, the governments of Cameroon and China made a deal in which China would build roads and infrastructure such as stadiums and sports fields,?? according to Marie Tamoifo Nkom, spokesperson for the African Youth Diaspora Forum (AYDF) in Cameroon, an organisation aimed at engaging young African emigrants their continent?s social, economic, and political development.

??Everyone was happy, first of all because Cameroon is in great need of sports facilities for the youth. Second of all, this project would mean job creation. Unfortunately, the latter did not happen as the Chinese brought their own labourers.?? Muyakwa is also worried about Chinese working conditions: ??Last year, operations at a Chinese-owned coal mine in the south of Zambia were suspended due to unsafe working conditions. Most labourers were half naked and didn?t have protective clothing, dust masks, hard hats or shoes.??

??When a cabinet minister attempted to visit to the mine, Chinese managers prevented her from doing so. They said it was ?their mine?. In the end the minister was given a tour. According to the minister?s report, the labourers were treated like animals. The mine was closed for a short while but then opened again.??

Muyakwa recalled another incident that caused a stir in Zambia. ??Two years ago about 50 Zambian miners were killed in an accident at an explosive factory. The bizarre thing is that no Chinese employee got hurt or killed. This makes you wonder about how committed the Chinese are to make a difference in Africa or whether they here only to serve themselves.??

According to the International Monetary Fund, exports from Africa to China increased with more than 40 percent between 2001 and 2006. Imports from China to Africa increased 35 percent. The total trade from China to Africa is estimated 55 billion dollar per year and is expected to grow to 100 billion dollar by 2010.

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API.source.Inter Press Service (IPS), by Miriam Mannak

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Africa at large: Postracial Obama no messiah for continent (opinion)

Posted by African Press International on June 17, 2008

I still remember how excited those of us who are black were when a 21-year-old Tiger Woods won the US Masters.

The jubilation had less to do with his age than the fact that many thought he was the first black man to win a golf Major. The joy turned to anger and disappointment when Woods informed the world that the proportion of blackness in his blood was so minute that it could not credibly be claimed that a black man had won a Major golf tournament.

It seems we did not learn much from the Woods experience because many black Africans are now as excited about Barack Obama becoming the first black man to represent a major political party in the race for the US presidency. Because of this remarkable achievement, there is an inordinate amount of interest in what Obama will do for Africa. What people are forgetting is the fact that in the term African-American, the word ?African? performs an adjectival function. While it may be the case that Obama has a sense of solidarity with the African continent, it may also be the case that, as president, he will turn out to be an American who happens to be black. This has implications for the expectations of African-Americans, black Africans and blacks all over the world who may be labouring under the delusion that the US presidential race has given birth to a Messiah.

What are these expectations about? They, in some ways, are about the late civil rights leader, Martin Luther King, who dreamt of a future in which his ?four little children will one day live in a nation where they will not be judged by the colour of their skin but by the content of their character?. This is the postracial vision that Obama or his candidacy represents and promises. In positioning himself as a postracial candidate, is he not at odds with the expectations of global blackness?

I ask this question because these expectations may be about ?self-representation? and how black people want to be represented. The expectations may be about ?collective memory? ? the past and not the future. In the book The Holocaust and Collective Memory, historian Peter Novick argues that ?collective memory ? is understood to express some eternal or essential truth about the group ? usually tragic. A memory, once established, comes to define that eternal truth, and, along with it, an eternal identity, for the members of the group.?

IT IS in this context that the issue of victimhood arises. Black people find unity in, and their consciousness is significantly shaped by their history of slavery, colonialism, apartheid and other forms of racial oppression. To the extent that blackness has become synonymous with poor social, political and economic conditions, Obama represents amelioration and the need to break the coincidence between collective memory and what for many is the invocation of that memory not by the mind but by the material conditions which still define blackness. In other words, Obama represents the tension between the victim and postvictim dimensions of blackness.

Hopefully, he is not going to become the embodiment of the awkward dance between victimhood and denialism. If his postracial candidacy succeeds in creating a multiracial movement for the election of a black man as president of the US, blacks in SA will have to confront a challenging question.

When will the time come when the black majority is prepared to judge leaders not by the colour of their skin but by the content of their leadership qualities? Are the racialised collective memories of South Africans going to define us eternally? I hope not.

If Obama is elected US president, I hope it will teach us that it is possible to define national and personal interests, and pursue social, political and economic goals in terms broader than our narrow and historically constructed identities. I have a feeling this is something we will achieve, but we should not expect Obama not to be an American.

*Matshiqi is a senior associate political analyst at the Centre for Policy Studies.
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API.source.Business Day (South Africa), by Aubrey Matshiqi

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The day Raila agreed on 40 ministries instead of only 20 or 24 that was the day Raila missed the point completely.

Posted by African Press International on June 17, 2008

A message to Joram,

I do think that this is a very hard comment on fellow Kenyans. Joram I do personaly think that Kenyan liberation will only come if Kenyans start speaking the truth. Well we do know the real truth. Look at even the previous presidential election:

Even the European election monitors said that the election was well below the international standard, the first time the European openly gave such a comment in Kenyan history. The EU, USA even Britain, the international community stood behind Raila and gave him a mandate on power sharing. what did we get?. 70% to almost 30% on portfolio ministry, power etc.

Do not forget that ODM filed also a case against the PNU in the Hagues what happened to that case?. Well nothing except we are now being told to reconciliate, forgive and forget and let us build Kenya. So do we have peace today in Kenya?. Well according to me we do not have it and I do predict that a lot of more killings are on the way. Joram you can not get peace when you sell your soul to the devils. The day Raila agreed on 40 ministries instead of only 20 or 24 that was the day Raila missed the point completely. 20 or 24 ministers was the best option and through that there was no way Kibaki would have retained all the portfolio ministries. Raila had it but missed, I hear he is the one telling people that the coalition is going to work until 2012.

I just hope he open the jail doors so that the jailed youths in Nyanza, rift valley, Western province can go free. Let him also tell people who killed ODM Mps and ministers. He wanted responsibility let him face it now. We Kenyans should start telling leaders the truth no matter whether they come from our tribe or your tribe etc, because it is the truth that will heal that country not this back tapping all the time even when people are being lead to their final death trap. ODM Mps have been gunned down in broad day light and WHAT has ODM Mps in parliament done?.

We ODM supporters keep on praising ODM leaders just as PNU supporters do to PNU leaders are we really after change in that country or NOT?. Do not forget that the youths made their points very clearly after the presidential election and every body saw their point. But what did the middle class or high class did?. NO revolution has taken place on earth here without the middle or working class. It looks that the Kenyan middle or working class has decided to be GEMA`s slaves for ever.

By Paul Nyandoto

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AU condemns rebel attacks on eastern Chad

Posted by African Press International on June 17, 2008

The African Union (AU) Commission on Monday condemns the rebel attacks on the eastern part of Chad where the rebel have claimed to seize a town.

The commission, which issued a statement after the launch of this latest attack by the Chadian rebel groups, expressed its deep concern over this latest confrontation between the rebels and the Chadian national army.

The African Union Commission is particularly concerned about the clashes between the rebels and the Chadian national army in eastern Chad, the AU statement said.

According to media reports, the rebel groups seized a second town, Am Dam, and were heading for the west towards their stated objective, the capital. Those new developments seriously thwart the efforts currently underway, aimed, firstly, to relaunch the process of dialogue between Chad and Sudan, and secondly, to promote peace and stability in the region, the AU said.

It is the second time this year that rebels are trying to seize control the Chadian capital.

Sudan and Chad have accused each other of supporting rebel groups against their respected countries.

The Commission strongly condemns the attacks by the armed groups, and reaffirms the total rejection by the AU, in accordance with the Lome Declaration of July 2000 and the AU Constitutive Act, any attempt to seizure power by anti-constitutional means, the AU added

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API#Source.apa

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Zambian diplomats advised to protect national interests

Posted by African Press International on June 17, 2008

Zambian Foreign Minister Kabinga Pande on Monday urged the countrys heads of diplomatic missions to promote and maintain good international relations and to safeguard its sovereignty, territorial integrity, social economic development and other national interests.

Speaking during the opening of the Heads of Mission Conference in Lusaka, themed Enhancing the effective implementation of Zambias Foreign Policy, Pande said that the wide range of topics to be covered demonstrates the fact that we, as ambassadors for Zambia, do have an aspiration to ensure that the implementation of our foreign policy is carried out effectively and efficiently.

Pande said as the principal custodian and coordinator of the implementation of Zambias foreign policy, his ministry was charged with the responsibility of articulating Zambias political, social and economic interests to ensure that maximum benefits were derived from the countrys interactions with the international community.

He said after Zambias independence, its foreign policy focused on engaging the international community, safeguarding the countrys sovereignty, territorial integrity and political independence, as well as supporting the struggle against colonialism and racism in the region.

As a result, Zambia propagated and supported other countries with similar views at various fora such as the United Nations (UN), the Organisation of African Unity (OAU), and the Non-aligned Movement (NAM) and through south to south cooperation, he said.

He said in the Zambian context these changes in circumstances necessitated a review and realignment of the countrys foreign policy, first documented and published in 1996.

Pande said Zambias interaction with the international community must now therefore be premised on the need to maximise the economic benefits associated with the globalisation process such as trade and investment.

Due to this, Zambia plans to open more missions in strategic regions in the world in order to enhance its political and economic relations.

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API#Source.apa

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Chadian rebels invade Am Timan garrison on Monday morning

Posted by African Press International on June 17, 2008

The garrison of Am Timan, the main city of Salamat, at about 600 km by road from Ndjamena, the Chadian capital, was on Monday morning besieged by rebels hostile to the Chadian regime, reliable sources told APA.

The rebels were welcomed by the population that went out of their houses to welcome them, residents in Am Timan told APA by the telephone.

On Sunday at 5 pm, administrative authorities and the army had vacated the city near the border with Sudan and the Central African Republic (CAR).

After Goz Beida was conquered on Saturday, Am Dam besieged Sunday at noon, Am Djirema occupied on Sunday evening, the rebels are inexorably making their progress towards Ndjamena.

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API#Source.apa

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South Africa remembers the young people who fought against the apartheid system

Posted by African Press International on June 17, 2008

Thousands of people across South Africa on Monday attended the National Youth Day commemoration services, which this year marks the 32nd anniversary of the Soweto uprisings of 1976, when young people rebelled against the use of Afrikaans (a language of the then ruling Afrikaaners – whites) as the medium of instruction at schools.

President Thabo Mbeki delivered the keynote address at the University of the Western Cape in Bellville, calling on the countrys youth that they have the responsibility to help educate all South Africans to accept foreigners. He described the recent xenophobic attacks as embarrassing.

Mbeki also called on young people to confront illiteracy and lack of skills as part of the struggle for South Africas development. He appealed to them to respect the law and avoid drugs, alcohol and the abuse of women and children.

Meanwhile, in her National Youth Day speech, the Cape Town Mayor Helen Zille says 80% of crime committed in Cape Town is carried out by people who are under the influence of alcohol or drugs. Zille says if the crisis of drugs could be dealt with, then crime would decrease dramatically.

Speaking in Valhalla Park (10 kilometres outside of the city), Zille used her speech to highlight the problem of drugs, which she says, also negatively impacts on the economy. She says drugs are destroying a whole generation of young people. She therefore urged the youth to say no to drugs.

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API#Source.apa

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